It’s important to understand that, as in Antalya and throughout Turkey, the owner’s ownership rights in shared title deeds are not full and unlimited. The fact that a property is shared indicates that ownership is shared among multiple parties. This creates various rights and obligations between the partners during significant transactions such as sales. The most important of these rights and obligations is the right of pre-emption granted to the partners in the sale of a shared property.
What is the Right of Pre-emption?
The right of pre-emption, regulated in Article 669 of the Turkish Civil Code (TCC), is the right of a co-owner to purchase their share of the property before the other co-owners can do so. This right is an important safeguard against other co-owners purchasing the property at a higher price under current market conditions, thus preserving the partnership relationship and preventing potential disputes. The right of pre-emption allows co-owners to protect their shares of the property and avoid having to share ownership with an undesirable partner.
Scope of the Pre-emption Right
The pre-emption right applies not only to the sale of the entire property, but also to the sale of a specific share. In other words, a shareholder may consider the sale of not only their own share but also all shares subject to the pre-emption right. However, in this case, they would also be required to purchase the shares of the other partners. The pre-emption right also applies to the sale of shares acquired through inheritance or other means.
Use of Pre-emption Right
To exercise the pre-emption right, the shareholder must notify the other shareholders in writing within a specified period after the sales contract is executed. This notification must include the sale price, sale date, and other relevant information. If the notification is not made within the legally stipulated period, the pre-emption right is deemed void. The period specified in the notification shall be based on the time periods specified in the law or contract. This period is generally 15 days.
Rejection of Pre-emption Right
Other shareholders may refuse to exercise their pre-emption right. In this case, the shareholder is free to sell the property to a third party. However, instead of exercising their pre-emption right, the shareholders may disagree on the sale price. In such cases, litigation may be necessary.
Problems Encountered in Practice in Antalya
In Antalya, various problems arise when exercising the pre-emption right of the partners in shared title deeds before the sale. The most common of these are:
* Determining the Sales Price: Disagreements may arise between partners regarding the sales price. Expert opinion may be necessary to determine market value.
* Calculating the Notification Period: It is important to calculate the notification period accurately. Incorrect calculations may result in the loss of pre-emption rights.
* How to Exercise the Pre-emption Right: There may be uncertainty regarding how to exercise the pre-emption right. Seeking legal advice will ensure the correct steps are taken.
* Conducting Title Deed Transactions: If the pre-emption right is exercised, it is crucial that the title deed transactions are completed accurately and quickly. It is beneficial to seek the support of a qualified attorney during this process.
Pre-emption Rights and Legal Consultancy
The complex legal processes involved in the sale of shared title deeds require the support of a qualified attorney. Properly exercising or rejecting the pre-emption right is crucial for avoiding potential legal disputes. By seeking legal advice, you can protect your rights and prevent potential problems. This way, you can avoid both time and financial losses. Proper information and professional support will ensure a safe and smooth process in shared title deed transactions. Seeking support from a qualified attorney in all legal processes related to shared title deeds in Antalya is crucial for protecting your rights and preventing potential problems. Remember, proper legal advice will save you time and money.